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A CROWD of almost 30 attended the auction of 73 Memorial Ave, Maroochydore, with Lynn O'Pray of Ray White Mooloolaba last Saturday. And fortunately for the onlookers and two registered bidders on what was a very warm summer's day they took advantage of a shady tree at the front of the two-bedroom circa-1945 cottage.

The first time offered to market, the timber and fibro beach house was one of the few remaining homes in the area dating back to the World War II era.

It has been in the same family since the vendor's grandfather built it.

With a current subdivision approval in place, the opportunities its history-rich position offered saw auctioneer James Goldsworthy accept an opening bid of $400,000 from the floor.

Offers continued northwards in increments of $5000 and $10,000s until at $500,000 the bidders said no more, their bidding cards were exhausted.

As the property had not reached reserve James passed it in allowing Lynn to continue negotiations over the weekend, resulting in a conditional contract by Monday morning.

"These buyers came through the property half-way into the campaign and whilst Cotton Tree had been the initial target area they found this block ticked a lot of boxes," Lynn said of the local buyers who will landbank for the time being before building a residential home rather than a duplex which the property holds a current DA.

For more auction reults and property coverage, pick up your copy of Domain free in Saturday's Sunshine Coast Daily.